Tag: Rbi

Attending Azadi Ki Amrit Mahotsav programme in Bhubaneswar, Patra said, “India will become the second largest economy in the world not by 2048 as predicted earlier, but by 2031.

RBI has said companies need to ensure that their recovery agents do not resort to harassment of any person while collecting debts.

In a major development, the Reserve Bank of India on Friday announced to enable the Bharat Bill Payment System (BBPS) process to facilitate families of NRIs to easily accept payments from foreign countries while sitting in the comfort of their homes.

Several banks have already raised their borrowing rates and some will again increase their rates after this hike by the central bank.

By 1 p.m., Sensex was trading up 175.73 points or 0.30 per cent at 58,475.53, and Nifty was trading 45.75 points or 0.26 per cent higher at 17,427.75.

Announcing the decision of the Monetary Policy Committee (MPC) during its three-day meeting, Das said it has been decided to increase the policy rate by 50bps to 5.4 per cent with immediate effect.

Investors also stayed on the sidelines ahead of the RBI's policy meet outcome on Friday.

The minister added, "I fully credit the people of India for this... Even amid adversity, we were able to stand up and be recognised as the fastest growing economy."

Experts are of the view that the RBI would raise the benchmark rate to at least the pre-pandemic level this week and even further in later months.

Days after the domestic currency breached the 80-level against the dollar, Das said Reserve Bank of India (RBI) has zero tolerance for volatile and bumpy movement in the rupee and added that the central bank actions have helped in smoother movement.

The RBI mentioned that cryptocurrencies are not a currency because every modern currency needs to be issued by the central bank or the government, she said.

RBI needs 100 acre land for the project at two places.

Das said the benefits of globalisation come with certain risks and challenges.

In the reporting week ended July 1, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by USD 77 million to USD 18.133 billion, RBI said.

India's foreign exchange reserves stood at $593.3 billion as on June 24, 2022, supplemented by a substantial stock of net forward assets, it said.